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NITI Aayog is developing a strategy for India to be a developed country by 2047. Such a comprehensive strategy should be based on a multi-dimensional approach that takes into account economic, social, and environmental factors, while continuously adapting to changing global dynamics and challenges. It will require concerted efforts from government, private sector, civil society, and international partners to turn this vision into reality. This involves promoting entrepreneurship, innovation, and investments in key sectors such as technology, manufacturing, and infrastructure. Ensuring a robust and business-friendly regulatory environment is essential to attract both domestic and foreign investment. As we move forward, sustainability and environmental considerations are becoming central in economic planning. India must adopt green and sustainable practices to mitigate the adverse effects of climate change and ensure the long-term well-being of its citizens. Finally, India faces a set of unique challenges because of its diversity. Social inclusivity and reducing income inequality are necessary to address the welfare of all citizens. Implementing targeted social programs and labor market reforms need to be taken up simultaneously that can help uplift marginalized communities. Finally, there are challenges in achieving this vision which include addressing bureaucratic inefficiencies, ensuring political stability, managing demographic changes, and finding sustainable solutions to issues like pollution and resource depletion. FISME also highlighted these concerns before NITI Aayog. We do hope MSMEs’ concerns would find the place they deserve in such a strategy.
The Global Alliance for Mass Entrepreneurship (GAME) and the Federation of Indian Micro and Small & Medium Enterprises (FISME) have announced a collaborative work program aimed at promoting Micro, Small, and Medium Enterprises (MSMEs) and entrepreneurship in India.
The comprehensive cooperation program encompasses various facets, including finance, the adoption of renewable energy, and in-depth research into persistent MSME issues. However, the immediate priority lies in identifying legal and policy impediments related to resolving delayed payment cases.
Economists continue to be on the fence about whether we will see a recession in 2024. As we enter the last quarter of 2023, we are beginning to see a decrease in car and home sales spending as the interest rates increase. Bankrate reported a 0.7% decline in existing home sales in August, with some areas, like the northeast, experiencing a 22.6% decline. Business owners who have their eye on the economic horizon are already wondering what they should do to prepare in the event of a downturn. In our experience, there is one main piece missing from most small businesses that, if fixed,
The NITI Aayog is preparing a vision document for India to become a developed economy of about $30 trillion by 2047, said the Central Government’s think-tank CEO BVR Subrahmanyam on Sunday.
The draft “Vision India @2047” will be ready by December this year and publicly unveiled in the next three months, he said. “Consultations with sectoral groups of secretaries and thought leaders, including industrialists Gautam Adani, Mukesh Ambani and Google CEO Sundar Pichai
The Indian government is working on a national vision plan to make India a developed nation by 2047 which is expected to be released within the next three months.
Centre intends to ensure that the country doesn’t slip into a middle-income trap that several countries have fallen into at similar stages of development. The plan will include an outline of reforms and outcomes to be achieved by 2030, along with structural changes in governance that will be critical to make India a USD 30 trillion economy by 2047 with a per-capita income of USD 18,000-20,000.
India has urged WTO members to collaborate in establishing a precise definition for e-commerce encompassing both goods and services, an official said.
This move would help provide developing countries a policy space to make decisions on the fast-growing sector. The issue came up for discussion during a recent meeting of senior officials of WTO members in Geneva last week. “India stated that the definition should be clear about digital goods and services because customs duties are there on goods and not on services.
The Indian government has cut the floor price for basmati rice exports to USD 950 per metric ton from USD 1,200, an official government source told Reuters on Thursday.
This decision comes after farmers and exporters complained that it was damaging the trade by stalling shipments. India had imposed a USD 1,200 per ton minimum export price (MEP) on basmati rice shipments in August to keep a lid on local prices ahead of key state elections.
The central government has made it compulsory for all private companies to facilitate dematerialisation of existing securities till end of September 2024.
It has exempted small firms with a capital under Rs 4 crore and turnover less than Rs 40 crore and government companies from this mandate. The Ministry of Corporate Affairs (MCA) said that no private company can issue or buy-back its securities after September 30, 2024, until the entire holding of securities of its promoters, directors and key managerial personnel have been dematerialised.
India on Thursday became the third country to launch its first reference fuel in collaboration with state-run Indian Oil Corporation (IOC) and the domestic production is likely to reduce its import dependency.
“We used to import 1,000 kilolitre (of reference fuel), our consumption is just 150 kilolitre,” said Minister of Petroleum and Natural Gas, Hardeep Singh Puri. “Soon we will look at stopping the import and also becoming a major exporter,” he said.
The central government is planning to come out with the guidelines to ensure standards and promote domestic production of drones, reported Daijiworld.
As per the report, the the Consumer Affairs Ministry is likely to release the guidelines this week. The ministry informed that the government may take assistance from the National Testing House while preparing the guidelines. The primary aim of the government is to curb imports and manufacturing of cheap and sub-standard drones in the country.
The Department for Promotion of Industry and Internal Trade (DPIIT) has issued mandatory quality norms for copper products, drums, and tin containers to reduce the import of sub-standard goods and promote domestic manufacturing.
DPIIT has issues two separate notifications: the Drums and Tins (Quality Control) Order, 2023, and the Copper Products (Quality Control) Order, 2023 on October 20. Under these orders, the production, sale, trade, import, and stocking of items falling within their purview will be subject to strict regulations. These items must bear the Bureau of Indian Standards (BIS) mark, ensuring that they meet the mandated quality standards.
The UP government has dedicated Rs 1,000 crore rupees to bolster the UP Startup Fund, aiming to foster innovative business initiatives and enhance the startup ecosystem.
As per reports, the state has created a network of more than 60 incubators to fund startups. “Efforts are being made to promote startups in advanced areas, such as artificial Intelligence (AI), drones, med-tech, blockchain, 5G, 6G, quantum computing, additive manufacturing, space tech, etc,” a senior government official said.
The Kerala government has recently introduced the draft Information Technology Policy 2023.
This policy seeks to provide a series of incentives designed to boost further growth in the IT sector. It also aims to promote the establishment of private IT parks in the state. The policy sets a target for the State to garner 10 per cent of the IT and electronics industry market share of the country in the next 5 years and making a push in the space industries sector with a specialised park.
Regardless of the 40% duty on onion export its trade from Nashik district has gained momentum.
According to Halcon officials, the daily export of onions from its Inland Container Depot (ICD) in Janori, rural Nashik, dipped from 50 containers (forty-foot equivalent unit) a day in July to 24 containers a day in August following the imposition of 40% export duty on onions that came into effect from August 19.
The Tamil Nadu government has given a green signal for setting up six mini textile parks in the State, reported The Hindu. As per reports, eight more mini textile parks are awaiting approval.
Textile Commissioner, Tamil Nadu government, M. Vallalar, told The Hindu that there are at least 100 expression of interest received for the scheme. “We have given life to the scheme that was dormant since 2015. It will start gaining momentum now,” he said.
The Union Cabinet has given a green light to the Memorandum of Cooperation (MoC) between India and Japan on developing a semiconductor supply chain partnership.
The partnership between two nations will focus on research and development (R&D), manufacturing, design, and talent development for the industry. The MoC was initially signed in July this year between the IT Ministry and Japan’s Ministry of Economy, Trade and Industry.
The High Commission located in Ottawa, Canada has officially confirmed that it will recommence visa services for entry, business, medical, and conference visas, with the reinstatement of services set to take effect from October 26.
India has announced its intention to reinstate certain categories of visa services in wake of the diplomatic dispute with Canada. This development is occurring in the midst of an escalating diplomatic standoff, which recently resulted in the expulsion of over 40 Canadian diplomats from New Delhi.
In a press release issued by the High Commission of India in Ottawa, it has been disclosed that their consulates general in Toronto and Vancouver have collectively decided to reinstate visa services.
Prepare For This Seismic Shift in Employee Expectations — Or Say Goodbye to Your Top Talent.
Let's be brutally honest: Would you stick with your company if it failed to prioritize your wellbeing? You're not alone if the answer is a resounding "no." Workers are sending a clear message to the corporate world — wellbeing is non-negotiable. Forget the antiquated notion that a hefty paycheck is the ultimate carrot on the stick. The data is in, and it's irrefutable: workers really care about their wellbeing and flexibility, and corporations better listen if they want to win the talent wars.
17 Unconventional Money-Saving Tips For Small-Business Owners
In the current economic climate, small-business owners face the daunting task of navigating financial challenges while keeping their ventures afloat. Trimming budgets has become a necessity for many, as companies seek innovative ways to cut costs without compromising their operations.
5 Telltale Signs These Outdated Strategies Are Killing Your Business (and How to Get With the Times)
As a CMO in the MarTech space, I am constantly getting outreach about new services and technologies from salespeople. While some might find it a bother — and repeated, non-reciprocated emails are — I do find value in some of the messages. Here's why: I'm willing to guess that many people in executive go-to-market roles rely in part on email pitches and LinkedIn posts from salespeople to stay abreast of new services and features that are coming on the market every day.
Snack Industry Seeks Clarity Over GST Product Categorisation
The snack industry is urging the government to clarify the status of namkeen, fryums and snacks after a slew of DGGI notices, sources told CNBC-TV18.
The ambiguity in product categorisation when it comes to Goods and Services Tax (GST) rates is causing confusion once again, this time it is snacks and namkeens.
Agritech Startup Otipy Banks On AI Prediction To Reduce Wastage And Enhance Efficiency In Food Supply Chain
Gurugram-based Otipy is a community-based agritech platform that connects consumers, resellers, and farmers to bring fresh produce to consumers’ doorstep. The startup employs an AI prediction model to anticipate demand and minimise food wastage.
How PlayAll Sports wants to boost India’s woefully inadequate sports infrastructure landscape
Whenever childhood friends, Vishal Lunia and Jayant Surana wanted to play a sport, the Delhi-based duo often faced difficulties in finding a venue where they could have a game or two of badminton.
Lunia’s belief that there was a demand and supply mismatch when it came to sports venues was further reinforced when he worked at Sportido, an online sports venue booking aggregator app, between February 2016 and August 2017.
The National Statistical Office (NSO), Ministry of Statistics and Programme Implementation (MoSPI) has release the employment related statistics in the formal sector covering the period September 2017 onwards, using information on the number of subscribers who have subscribed under three major schemes, namely EPF Scheme, ESI Scheme and NPS.
FISME regularly receives monthly reports on the economies of various countries from their missions in India. These reports provide information on key economic parameters, trade related information and all news relevant for importers and exporters. In this edition you can take a look at reports on:
Write your comments on the FISME Factor. Share your views and suggestions on MSME issues. Win prize! The best mail will get a special book every fortnight.
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NITI Aayog is developing a strategy for India to be a developed country by 2047. Such a comprehensive strategy should be based on a multi-dimensional approach that takes into account economic, social, and environmental factors, while continuously adapting to changing global dynamics and challenges. It will require concerted efforts from government, private sector, civil society, and international partners to turn this vision into reality. This involves promoting entrepreneurship, innovation, and investments in key sectors such as technology, manufacturing, and infrastructure. Ensuring a robust and business-friendly regulatory environment is essential to attract both domestic and foreign investment. As we move forward, sustainability and environmental considerations are becoming central in economic planning. India must adopt green and sustainable practices to mitigate the adverse effects of climate change and ensure the long-term well-being of its citizens. Finally, India faces a set of unique challenges because of its diversity. Social inclusivity and reducing income inequality are necessary to address the welfare of all citizens. Implementing targeted social programs and labor market reforms need to be taken up simultaneously that can help uplift marginalized communities. Finally, there are challenges in achieving this vision which include addressing bureaucratic inefficiencies, ensuring political stability, managing demographic changes, and finding sustainable solutions to issues like pollution and resource depletion. FISME also highlighted these concerns before NITI Aayog. We do hope MSMEs’ concerns would find the place they deserve in such a strategy.
The Global Alliance for Mass Entrepreneurship (GAME) and the Federation of Indian Micro and Small & Medium Enterprises (FISME) have announced a collaborative work program aimed at promoting Micro, Small, and Medium Enterprises (MSMEs) and entrepreneurship in India.
The comprehensive cooperation program encompasses various facets, including finance, the adoption of renewable energy, and in-depth research into persistent MSME issues. However, the immediate priority lies in identifying legal and policy impediments related to resolving delayed payment cases.
Economists continue to be on the fence about whether we will see a recession in 2024. As we enter the last quarter of 2023, we are beginning to see a decrease in car and home sales spending as the interest rates increase. Bankrate reported a 0.7% decline in existing home sales in August, with some areas, like the northeast, experiencing a 22.6% decline. Business owners who have their eye on the economic horizon are already wondering what they should do to prepare in the event of a downturn. In our experience, there is one main piece missing from most small businesses that, if fixed,
The Indian government is working on a national vision plan to make India a developed nation by 2047 which is expected to be released within the next three months.
Centre intends to ensure that the country doesn’t slip into a middle-income trap that several countries have fallen into at similar stages of development. The plan will include an outline of reforms and outcomes to be achieved by 2030, along with structural changes in governance that will be critical to make India a USD 30 trillion economy by 2047 with a per-capita income of USD 18,000-20,000.
India has urged WTO members to collaborate in establishing a precise definition for e-commerce encompassing both goods and services, an official said.
This move would help provide developing countries a policy space to make decisions on the fast-growing sector. The issue came up for discussion during a recent meeting of senior officials of WTO members in Geneva last week. “India stated that the definition should be clear about digital goods and services because customs duties are there on goods and not on services.
The Indian government has cut the floor price for basmati rice exports to USD 950 per metric ton from USD 1,200, an official government source told Reuters on Thursday.
This decision comes after farmers and exporters complained that it was damaging the trade by stalling shipments. India had imposed a USD 1,200 per ton minimum export price (MEP) on basmati rice shipments in August to keep a lid on local prices ahead of key state elections.
The central government has made it compulsory for all private companies to facilitate dematerialisation of existing securities till end of September 2024.
It has exempted small firms with a capital under Rs 4 crore and turnover less than Rs 40 crore and government companies from this mandate. The Ministry of Corporate Affairs (MCA) said that no private company can issue or buy-back its securities after September 30, 2024, until the entire holding of securities of its promoters, directors and key managerial personnel have been dematerialised.
India on Thursday became the third country to launch its first reference fuel in collaboration with state-run Indian Oil Corporation (IOC) and the domestic production is likely to reduce its import dependency.
“We used to import 1,000 kilolitre (of reference fuel), our consumption is just 150 kilolitre,” said Minister of Petroleum and Natural Gas, Hardeep Singh Puri. “Soon we will look at stopping the import and also becoming a major exporter,” he said.
The central government is planning to come out with the guidelines to ensure standards and promote domestic production of drones, reported Daijiworld.
As per the report, the the Consumer Affairs Ministry is likely to release the guidelines this week. The ministry informed that the government may take assistance from the National Testing House while preparing the guidelines. The primary aim of the government is to curb imports and manufacturing of cheap and sub-standard drones in the country.
The Department for Promotion of Industry and Internal Trade (DPIIT) has issued mandatory quality norms for copper products, drums, and tin containers to reduce the import of sub-standard goods and promote domestic manufacturing.
DPIIT has issues two separate notifications: the Drums and Tins (Quality Control) Order, 2023, and the Copper Products (Quality Control) Order, 2023 on October 20. Under these orders, the production, sale, trade, import, and stocking of items falling within their purview will be subject to strict regulations. These items must bear the Bureau of Indian Standards (BIS) mark, ensuring that they meet the mandated quality standards.
The UP government has dedicated Rs 1,000 crore rupees to bolster the UP Startup Fund, aiming to foster innovative business initiatives and enhance the startup ecosystem.
As per reports, the state has created a network of more than 60 incubators to fund startups. “Efforts are being made to promote startups in advanced areas, such as artificial Intelligence (AI), drones, med-tech, blockchain, 5G, 6G, quantum computing, additive manufacturing, space tech, etc,” a senior government official said.
The Kerala government has recently introduced the draft Information Technology Policy 2023.
This policy seeks to provide a series of incentives designed to boost further growth in the IT sector. It also aims to promote the establishment of private IT parks in the state. The policy sets a target for the State to garner 10 per cent of the IT and electronics industry market share of the country in the next 5 years and making a push in the space industries sector with a specialised park.
Regardless of the 40% duty on onion export its trade from Nashik district has gained momentum.
According to Halcon officials, the daily export of onions from its Inland Container Depot (ICD) in Janori, rural Nashik, dipped from 50 containers (forty-foot equivalent unit) a day in July to 24 containers a day in August following the imposition of 40% export duty on onions that came into effect from August 19.
The Tamil Nadu government has given a green signal for setting up six mini textile parks in the State, reported The Hindu. As per reports, eight more mini textile parks are awaiting approval.
Textile Commissioner, Tamil Nadu government, M. Vallalar, told The Hindu that there are at least 100 expression of interest received for the scheme. “We have given life to the scheme that was dormant since 2015. It will start gaining momentum now,” he said.
The Union Cabinet has given a green light to the Memorandum of Cooperation (MoC) between India and Japan on developing a semiconductor supply chain partnership.
The partnership between two nations will focus on research and development (R&D), manufacturing, design, and talent development for the industry. The MoC was initially signed in July this year between the IT Ministry and Japan’s Ministry of Economy, Trade and Industry.
The High Commission located in Ottawa, Canada has officially confirmed that it will recommence visa services for entry, business, medical, and conference visas, with the reinstatement of services set to take effect from October 26.
India has announced its intention to reinstate certain categories of visa services in wake of the diplomatic dispute with Canada. This development is occurring in the midst of an escalating diplomatic standoff, which recently resulted in the expulsion of over 40 Canadian diplomats from New Delhi.
In a press release issued by the High Commission of India in Ottawa, it has been disclosed that their consulates general in Toronto and Vancouver have collectively decided to reinstate visa services.
According to the FISME factor, 100% of MSMEs believe that a further escalation in the Israel-Hamas conflict will have a negative impact on trade.
Let's be brutally honest: Would you stick with your company if it failed to prioritize your wellbeing? You're not alone if the answer is a resounding "no." Workers are sending a clear message to the corporate world — wellbeing is non-negotiable. Forget the antiquated notion that a hefty paycheck is the ultimate carrot on the stick. The data is in, and it's irrefutable: workers really care about their wellbeing and flexibility, and corporations better listen if they want to win the talent wars.
In the current economic climate, small-business owners face the daunting task of navigating financial challenges while keeping their ventures afloat. Trimming budgets has become a necessity for many, as companies seek innovative ways to cut costs without compromising their operations.
As a CMO in the MarTech space, I am constantly getting outreach about new services and technologies from salespeople. While some might find it a bother — and repeated, non-reciprocated emails are — I do find value in some of the messages. Here's why: I'm willing to guess that many people in executive go-to-market roles rely in part on email pitches and LinkedIn posts from salespeople to stay abreast of new services and features that are coming on the market every day.
The snack industry is urging the government to clarify the status of namkeen, fryums and snacks after a slew of DGGI notices, sources told CNBC-TV18.
The ambiguity in product categorisation when it comes to Goods and Services Tax (GST) rates is causing confusion once again, this time it is snacks and namkeens.
Gurugram-based Otipy is a community-based agritech platform that connects consumers, resellers, and farmers to bring fresh produce to consumers’ doorstep. The startup employs an AI prediction model to anticipate demand and minimise food wastage.
Whenever childhood friends, Vishal Lunia and Jayant Surana wanted to play a sport, the Delhi-based duo often faced difficulties in finding a venue where they could have a game or two of badminton.
Lunia’s belief that there was a demand and supply mismatch when it came to sports venues was further reinforced when he worked at Sportido, an online sports venue booking aggregator app, between February 2016 and August 2017.
“ The butterfly counts not months but moments, and has time enough.s ”
